Sample Term Paper
The legislation also required companies to protect whistleblowers from retaliation when they report suspected fraud. Initially, lawyers thought it might be too easy for employees to make frivolous claims of fraud while hiding behind the law. Sarbanes-Oxley was seen as very employee-friendly.But the truth is that the results for employees since Sarbanes-Oxley was passed have been poor. Employees who report suspicions of wrongdoing aren’t nearly as protected as many though they would be. Five years into Sarbanes-Oxley, we’re seeing that employees have had almost no success in whistleblower cases.” (Coenen, 2007)
The reports and instances of whistle blowing provided by the employees have a very little chance of succeeding and proceeding through the court and legislative system. “A report by lawyers from Orrick, Herrington, & Sutcliffe LLP shows that of the whistleblower cases that have proceeded through the court system, as of September, only six had passed the first level of appeal by the companies. So although whistleblower cases might successfully navigate the system, companies are having success in appealing the cases.” (Coenen, 2007) additional criticisms have also been raised about the whistle blowing procedure as per the Sarbanes Oxley Act. These depict that “employees have 90 days after they believe they’ve been retaliated against to file a claim. Critics think this is not enough time, especially if an employee has been fired and is conducting an extensive job search.” (Coenen, 2007)
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